The Impact of Gurus

Parker Grades and en Primeur Wine Prices

Bibliographic Data

ID9718657
AuthorsHéla Hadj Ali (INRA, France), Sébastien Lecocq (INRA, France), Michael Visser (CNRS‐ERMES and Paris School of Economics)
Year2008
Volume118
Issue529
PagesF158-F173
Publication date2008-06-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Economic Journal (JOURNAL)
Journal identifiersISSN: 0013-0133 • E-ISSN: 1468-0297
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.1468-0297.2008.02147.x
OpenAlexW2131820558
LanguageEN
Citations received13
References cited17

The purpose of this paper is to measure the impact of Robert Parker's oenological grades on Bordeaux wine prices. We study their impact on the so-called en primeur wine prices, i.e., the prices determined by the chateau owners when the wines are still extremely young. The Parker grades are usually published in the spring of each year, before the wine prices are established. However, the wine grades attributed in 2003 have been published much later, in the autumn, after the determination of the prices. This unusual reversal is exploited to estimate a Parker effect. We found that, on average, the effect is equal to 2.80 euros per bottle of wine. We also estimate grade-specific effects, and use these estimates to predict what the prices would have been had Parker attended the spring tasting in 2003

Art · Art history · Economics · Library science · Media studies · Political science · Sociology · Visual arts · Wine · Art History and Market Analysis · Computer Science · Horticultural and Viticultural Research · Wine Industry and Tourism

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